RECENT NEWS
Vinings Gives Up REIT Status
July 5, 2000 ATLANTA – Vinings Investment Properties Trust (OTC:VIPIS) is shedding its REIT status. The company's board of trustees decided that since the company is not currently generating taxable income, the change in tax status should not...
Canada Regional Digest (7/5/00): Music Gallery to close for condo development
July 5, 2000 Condo project to close Music Gallery hallThe Globe and Mail, July 5TORONTO – The Music Gallery will close its doors at 179 Richmond St. at the end of July. A 10-year lease was terminated after...
Clarification: Conway, O’Neal Named Co-CEO at Archon; Sabshon Moves Back to N.Y.
July 5, 2000 Archon Group was formed as a result of Goldman Sachs' acquisition of a unit of J.E. Robert Cos. A story that ran earlier today, "Conway, O'Neal Named Co-CEO at Archon; Sabshon Moves Back to N.Y.,"...
Crestline Raises Cash With $92 Mln Financing from GMAC
July 5, 2000 BETHESDA, Md. – GMAC Commercial Mortgage Corp. has provided $92 million of mortgage financing to Crestline Capital Corp. (NYSE:CLJ) The financing – one of several planned by Crestline – allows the REIT to gradually shift...
IndyMac Signs $38 Mln Lease at Kearny-Owned Property
July 5, 2000 PASADENA, Calif. – IndyMac has signed a 10-year lease to occupy all 141,800-square-feet in the first phase of the Pasadena Corporate Park, a complex being developed by Kearny Real Estate Co.The lease is valued at...
First Union Group Extends Federal Realty Financing
July 5, 2000 ROCKVILLE, Md. – A syndicate led by First Union National Bank has extended Federal Realty Investment Trust's (NYSE:FRT) existing $300 million unsecured revolving line of credit.Under the new agreement, the maturity date was extended to...
Berkshire Mortgage Buys Bankers Mutual of California for $40 Mln
July 5, 2000 Berkshire Mortgage Finance has completed its $40 million purchase of Bankers Mutual of Irvine, Calif.The Boston firm now has a servicing portfolio of $10 billion. It says it is now the largest privately owned commercial...
Fortress Completes Cash Tender for Capstead Shares
July 3, 2000NEW YORK - Fortress Investment Fund LLC and its affiliates have completed a $9 per share cash tender offer for up to 5 million shares of common stock of Capstead Mortgage Corp. (NYSE:CMO). Some 2,765,028 shares...
Toronto’s O&Y Corp. Teams with Allied Riser
July 3, 2000TORONTO - O&Y Properties Corp. (Toronto Stock Exchange: OYP) has entered into a partnership with Allied Riser Communications Corporation (NYSE:ARCC) and AT&T Canada (NYSE:ATTC) aimed at providing high speed, broadband data applications and other services over...
Moody’s Downgrades Weingarten Debt
July 3, 2000Moody's Investors Service has downgraded the senior unsecured debt rating of Weingarten Realty Investors (NYSE:WRI) to A3, from A2, and lowered the cumulative preferred stock rating to "baa1", from "a3". Moody's says these actions reflect a...
Southeast Regional Digest (7/03/00): Stiles Corp. to sell two Las Olas Centre buildings
July 3, 2000 Las Olas towers expected to fetch $110 millionSouth Florida Business Journal, July 3 FORT LAUDERDALE, Fla. – Stiles Corp. has put its two Las Olas Centre buildings on the market. The buildings are expected to...
Kushner Cos. to Buy NJ Apartment Owner for $240 Mln
July 3, 2000 Kushner Cos. of Florham Park, N.J., will soon buy WNY Group Inc., an apartment owner in South Jersey, for about $240 million.According to the Philadelphia Business Journal, the deal gives Kushner a dominant position in...
Mack-Cali Acquires Parsippany Partnership for $153.7 Mln
July 3, 2000CRANFORD, N.J. - Mack-Cali Realty Corp. (NYSE:CLI) has redeployed proceeds of recent asset sale to acquire, in two separate transactions, Parsippany Office Associates, LLC, and Parsippany's interests in the Mack-Cali Business Campus and a portion of...
NAREIT Applauds Tennessee Government for ‘Corrective’ REIT law
July 3, 2000The National Association of Real Estate Investment Trusts today applauded the leadership of the Tennessee General Assembly and Governor Don Sundquist following enactment of corrective REIT legislation, the organization said in a statement. Last year, Tennessee...
CSFB, United Dominion Team to Develop Apartments
June 30, 2000 RICHMOND, Va. – Credit Suisse First Boston and United Dominion Realty Trust Inc. (NYSE: UDR) have formed a joint venture that will invest about $105 million to develop five apartment communities.CSFB owns a 75 percent...
Keystone Properties Taps New Vice President of Investor Relations
June 30, 2000 NEW YORK – Jennifer R. Wall has been appointed as vice president of Investor Relations by Keystone Properties Trust (AMEX:KTR).Wall will be responsible for developing and implementing an investor relations program and will oversee corporate...
Kennedy-Wilson Lands $48 Mln of Corporate Financing
June 30, 2000 BEVERLY HILLS, Calif. – Kennedy-Wilson Inc. (Nasdaq:KWIC) has raised $48 million of unsecured corporate financing through institutional investment and credit facilities.The financing includes $15 million of six-year senior unsecured notes and $33 million of two-year...
CalPERS, Newland-IHP Ventures Complete $223 Mln Genstar Buy
June 30, 2000 SAN DIEGO – A subsidiary of British American Tobacco PLC (AMEX:BTI) has closed on its sale of Genstar Land Co. to Newland-IHP Ventures in a deal valued at $223 million.Newland Communities and Institutional Housing Partners,...
Forest City Acquires $82 Mln Residential Community in Alexandria, Va.
June 30, 2000 CLEVELAND – Forest City Enterprises Inc. (NYSE:FCEa) has acquired a 1,387-unit apartment complex in Alexandria, Va., for about $82 million, or $59,120 per unit.The company acquired the Mount Vernon Square in a tax-free exchange resulting...
Southeast Regional Digest (6/30/00): Developer of $2 Bln Atlantic Steel project still pending
June 30, 2000 Developer pending at Atlantic Steel siteThe Atlanta Journal-Constitution, June 30ATLANTA – Jacoby Atlantic Redevelopment may build the office component of the $2 billion Atlantic Steel mixed-use project. Two major office developers are also being considered....
American Realty Trust Gets Loan Commitment for Margin Debt Restructuring
June 30, 2000 DALLAS (Primezone) – American Realty Trust Inc. (NYSE:ARB) and its adviser, Basic Capital Management, have entered into an agreement with an affiliate of United Capital Corp. (AMEX:AFP) to refinance the companies' margin debts.Under the agreement,...
Carrier Hotel Firm Moves Into Co-Location Business
June 30, 2000 MIAMI – Terremark Worldwide Inc. (AMEX:TWW) has formed a unit, ColoConnection Inc., that will lease space in Terremark carrier hotels and build it out for use by small Internet service providers, Web-hosting companies and small...
Canada Regional Digest (6/30/00): Gazit Group offers to buy 9 Mln common shares of Centrefund
June 30, 2000 Israeli group increases bid for Centrefund shopping centersThe Financial Post, June 30TORONTO (CP) – The Gazit Group of Tel Aviv has offered to buy 9 million common shares of Centrefund Realty Corp. Centrefund is an...
Fitch Upgrades CSFB Series 1994-CFB1
June 30, 2000 NEW YORK – Fitch has upgraded CS First Boston Mortgage Securities Corp.'s 1994-CFB1.The upgrade affects the following classes: the $4.5 million class-D was upgraded to triple-A from double-A-minus, the $13.2 million class E was upgraded...
Jones Lang LaSalle Hotels Eyes Japan Opportunities
June 30, 2000Jones Lang LaSalle Hotels is expanding operations in Tokyo. The firm has tapped Tomohiko Sawayanagi to head up its Japanese operations. Sawayanagi, a senior vice president, had previously been responsible for hotel-related advisory and real estate...
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Commercial Real Estate Direct is the only source -- in print or otherwise -- that keeps close tabs on the entire real estate capital markets industry. It provides up-to-date market intelligence on the mortgage business, equity raising, investment sales and CMBS.
